View United Real Estate Development Company announced on Wednesday the acquisition of land in Al-Narjis neighborhood, north of Riyadh, for SAR 27 million as part of its strategic plan to expand real estate development projects.
The company stated that 66% of the transaction value was financed through a Shari’a-compliant banking facilities agreement, which was previously announced on October 21, 2024, while 34% was funded through the company’s own resources.
According to a statement published on Tadawul, the acquisition is aimed at building and developing residential units on the land for future development and sale. The financial impact will be reflected under the “real estate under development” category during the project’s implementation. A positive impact on revenues is expected immediately after sales commence, whether through off-plan or direct sales, pending the necessary approvals and licenses.
Transaction Details:
- Seller: Ahmed bin Mohammed bin Othman
- Buyer: View United Real Estate Development Company
